Origin Protocol Proposes 0% Transaction Fee for Origin Store in Local Trading Market by June 2023
On March 21, the NFT platform Origin Protocol recently approved a proposal to reduce the transaction cost of Origin Store in the local trading market to 0% by June 1, 2023 (previou
On March 21, the NFT platform Origin Protocol recently approved a proposal to reduce the transaction cost of Origin Store in the local trading market to 0% by June 1, 2023 (previously 1.25%), and is voting on the proposal to “increase the pledge reward for OGN pledge”. These two proposals may rebalance their token economics as they attempt to compete in a zero fee royalty war without excluding OGN token pledgers, who rely on the platform’s now drastically reduced fee revenues.
Origin Protocol considers adding OGN pledge rewards after joining NFT royalty competition
Cryptocurrency is transforming the world of digital assets, and non-fungible tokens (NFTs) are a prime example of the opportunities that it presents. Origin Protocol is a blockchain-powered platform for creating, buying, and selling NFTs that has been in operation since 2017. On March 21, 2021, the platform made significant announcements that will change the way that it operates.
Overview of Origin Protocol’s Announcements
Origin Protocol recently ratified two proposals that could have a considerable impact on the platform’s future. The first proposal is related to transaction costs on the Origin Store, which was initially 1.25%. The new proposal aims to reduce the transaction cost to 0% by June 1, 2023, for the local trading market. The second proposal revolves around increasing the pledge reward for OGN pledge, which could help to rebalance the platform’s token economics.
How Will Zero Transaction Fees Affect the Origin Store?
The proposal to reduce transaction costs to 0% for the Origin Store is a move that is likely to benefit buyers and sellers on the platform immensely. This announcement comes amid growing concerns about the high fees associated with NFT transactions. The move is also an attempt by Origin Protocol to compete in a zero-fee royalty war without harming OGN token pledgers. The goal is to preserve their benefits by reducing fees significantly or even eliminating them in the long run.
Rebalancing Token Economics: Proposal to Increase Rewards on OGN Pledge
The second proposal that Origin Protocol ratified is focused on increasing the pledge reward for OGN pledge. This proposal aims to rebalance the platform’s token economics while still attracting and retaining OGN token pledgers. The idea is to incentivize holders to keep their funds staked on the platform, ensuring that they continue to receive rewards. This proposal could also help the platform to attract new OGN token pledgers, who can benefit from holding their tokens on Origin Protocol’s blockchain.
Conclusion
Origin Protocol’s recent announcements signal a significant shift in how the platform does business. Zero transaction costs for the Origin Store could make it more accessible to buyers and sellers and put Origin Protocol in competition with others offering zero-fee royalty services. The increased pledge reward for OGN pledge could also help to rebalance token economics and optimize rewards for holders. It remains to be seen how these moves will affect the platform in the long run, but it is clear that it is gearing up to stay competitive in the fast-changing world of NFTs.
FAQs
1. What is Origin Protocol?
Origin Protocol is a blockchain-powered platform for creating, buying, and selling NFTs.
2. What is the significance of the recent announcements by Origin Protocol?
Origin Protocol recently ratified two proposals related to transaction costs on the Origin Store and increasing rewards on OGN pledge. These announcements could significantly affect the platform’s future operations.
3. How will zero transaction fees affect buyers and sellers on Origin Protocol’s platform?
Zero transaction fees could make it more accessible for buyers and sellers and put Origin Protocol in competition with others offering zero-fee royalty services. It could also help to retain and attract more OGN token pledgers who will benefit from reduced fees.
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